Amblin, Alibaba Ties Up for Partnership; Alibaba Goes Hollywood
Jack Ma, the richest man in China and the highest grossing Hollywood at all times struck a deal to work together to produce and finance films for the world's second largest movie market.
Alibaba Pictures Group Ltd. Has announce that it is buying a stake in Amblin Partners, the production outfit backed by Steven Spielberg to work together on productions and film making, marketing and distribution both globally and China.
The said deal adds to a multibillion dollar string of Chinese ventures and Hollywood studios to capture.
The agreement with Spielberg's studio marks Alibaba and Ma's most comprehensive production effort. The said company is being selective so far and is preferring to invest in selective films like "Mission Impossible" franchise.
And according to reports, Alibaba pictures will also name a representative to sit on the board of Amblin Partners which is a content creation company found by DreamWorks studios, Participant Media, Reliance Entertainment, and Entertainment One.
Amblin Partners President and Co-Chief Executive Officer Jeff Small said that they intend to make six to nine movies a year. Films will be distributed by a network which include Universal Pictures Ltd.
Ma said at the launch that he's not personally trying to envision movies of the future. He said that China has been a focus for Hollywood. China's box office totaled $6.8 billion dollars in 2015.
Spielberg has been honored with more than a dozen best actor and best picture academy awards nomination, winning for "Schindler's List" and "Saving Private Ryan".
The said partnership of Alibaba and Amblin "marks an important milestone in our globalization strategy to reach Chinese and global audiences alike" said Alibaba Picture's Chairman Shao Xiaofeng. "We will also leverage Alibaba Group's ecosystem as a channel for Amblin Partner's films to reach hundreds of millions of Chinese consumers"
This partnership should really make Hollywood Films and production much better for the audience to enjoy and patronize their creation in the near future.